TTMA IN THE NEWS
‘Eximbank returns to original mandate’
The Trinidad and Tobago Manufacturers’ Association (TTMA) has welcomed several of the Government’s 2026 budget measures aimed at improving trade facilitation, digitalisation and business competitiveness, but has cautioned that new financing terms under the Export-Import Bank (Eximbank) must not disadvantage small and medium-sized manufacturers. In delivering the 2026 budget yesterday, Minister of Finance, Davendranath Tancoo, said the Eximbank will return to its proper mandate of supporting exporters through foreign-currency loans. He said for the first year, repayments will be made in TT dollars, but after the first year in the currency of the loan. Transparent eligibility criteria and public reporting will ensure fairness, especially for SMEs. Read more here
Finance Minister: T&T’s Fiscal Future Hinges On Smarter, Efficient Spending
Finance Minister Davendranath Tancoo says Trinidad and Tobago’s economic future hinges not on finding new money, but on using existing resources wisely. The Finance Minister delivered a $59.2 billion Budget on Monday, with Education and Training, Health, and National Security once again topping the list. At a Post-Budget Panel Discussion hosted by the Trinidad and Tobago Manufacturers’ Association on Tuesday afternoon, he sought to explain and respond as to where the revenue will come from. ” A lot of people are asking where the money is going to come from. The money comes from what exists here. There is money in the system. How it is used has always been the difficulty.” The Finance Minister argued that the Budget could have been a surplus if not for the billions lost in previous years. “The Office of the Procurement Regulator identified $5 billion lost every year in contracts. Nobody knew if it was properly awarded, if work was actually done, but money was spent, $5 billion. I just projected a deficit of $3.8 billion. If I had that $5 billion crookedly lost money, I wouldn’t even have a deficit. It would have been surplus.” Read more here
Finance Minister: Review Underway For Imported Alcohol Duties, Landlord Surcharge ‘Fairer’ Than Property Tax
Finance Minister Davendranath Tancoo says the Government will review what happens to imported alcohol. On Monday, Minister Tancoo said under the new rates, duties on rum and spirits will rise from $79.25 to $158.50 per cent of alcohol content; beer from $5.14 to $10.28 by gravity; and cigarettes from $5.26 to $10.52 per pack of 20. “We are reviewing what happens with imported alcohol with a view of re-establishing the buffer as close as possible. That’s the first thing. So we are looking at the issue even further. We couldn’t take the actions because a lot more time is required, a lot more research is required as to how to do it without violating our international arrangements. Two, we continue to support the local industry in a multiplicity of ways, and that will continue. And three, if you disaggregate what we have put down on the books as increased charges and fees and duties etcetera, the impact on the individual bottle of beer, for lack of another comparator, is very small.” Speaking at a Post Budget panel discussion on Tuesday, he explained the rationale behind the decision. Minister Tancoo also defended the implementation of a ‘Landlord Business Surcharge’ which he said is totally different from the proposed Property Tax from the former administration. Read more here
Economist Dr. Indera Sagewan To Finance Minister: Stay The Course On Food Security Goals
“Don’t be like CARICOM.” That’s the warning from Economist Dr. Indera Sagewan to Finance Minister Davendranath Tancoo, urging him to stay committed to his promises on agriculture made during Monday’s budget presentation. “We can’t produce all that we need to eat. That is a fact. We are a small island state. We have farming land competing with housing. So we have to be strategic. You didn’t list them, but 15 crops to be identified. But more importantly, that step further to say, three crops will be prioritised per annum. I feel like you’ve been listening to me, Minister, so thank you on that. Three crops per annum. We have to take a strategic approach. Again, you can’t just have a blanket statement. If you tell us what the three crops is in this year, at the end of the year, we can know if progress has been made. But more importantly, you have set a target to reduce the food import bill by 25% by 2030. Now please, don’t be like CARICOM. CARICOM shifts from a ’25 by 25′ to a ’25 by 30′ and I’m expecting they’ll shift it to ’25 by 35.'” Read more here
Tancoo: Take back your power – Public can stand up against bank fee increases
Acknowledging the potential for decreased business credit and insurance affordability after a 0.25 per cent asset tax was imposed on banks and insurance companies during the budget, Finance Minister Davendranath Tancoo has urged citizens to "take back their power" when choosing their banks. Speaking at the TT Manufacturers’ Association post-budget discussion at Hyatt Regency on October 14, Tancoo said increased bank fees were not unusual or unexpected. “Banks have been charging fees of all sorts for every single transaction and declare substantial profits. That is a private-sector initiative, they are making money and I am very glad that they are making money. Read more here
Witco appeals for level playing field after Tancoo’s tax hike
Head of Corporate and Regulatory Affairs (CORA) Caribbean at the West Indian Tobacco Co Ltd (Witco), Gervon Abraham, has raised concerns over Government’s recent excise increases, warning that local manufacturers could be disadvantaged if import duties are not adjusted accordingly. During Monday’s Budget presentation, Finance Minister Dave Tancoo announced steep customs duty hikes on alcohol and tobacco products, which he said are expected to account for 80 per cent of projected revenue growth in the coming fiscal year. Under the new rates, duties on rum and spirits will rise from $79.25 to $158.50 per cent of alcohol content; beer from $5.14 to $10.28 by gravity; and cigarettes from $5.26 to $10.52 per pack of 20. These increases take immediate effect. Read more here
REGIONAL
‘Guyana is a country on the move’
GUYANA’S ongoing economic transformation took centre stage at the opening of the International Business Conference (IBC) in Georgetown, where Minister of Public Service, Government Efficiency and Implementation, Zulfikar Ally, reaffirmed the country’s commitment to ensuring that rapid growth is translated into real opportunities for its people and the wider region. Delivering remarks on behalf of President, Dr. Irfaan Ali, Minister Ally, on Tuesday evening, told hundreds that Guyana is now positioned among the world’s fastest-growing economies. However, he emphasised that the government’s focus is not solely on economic expansion, but on ensuring that this growth benefits all sectors of society and leads to long-term national development. Read more here
INTERNATIONAL
Trump says US will not 'waste our time' helping Argentina if Milei loses
President Donald Trump has acknowledged that a $20bn (£15bn) US lifeline to help calm Argentina's currency crisis is an attempt to sway legislative elections this month in the South American nation. Welcoming Argentina's libertarian leader Javier Milei to the White House, Trump warned that the US would not "waste our time" with helping Argentina if Milei's party did not prevail. Milei praised Trump for his peacemaking efforts and said the US president's policies would lead to "prosperity". Read more here
15th October 2025